Renault has finally confirmed that Kevin Magnussen will be joining its new works team in Formula 1 this year.

The Dane is to replace Pastor Maldonado, whose contract with the team was terminated following payment issues with his long-time backers PDVSA.

Although Magnussen was agreed at the weekend, as Motorsport.com first reported, Renault preferred to wait until an official team launch in Paris on Wednesday to make its line-up official.

Magnussen, who will race alongside Jolyon Palmer, returns to F1 after a season as McLaren reserve driver.

The Dane, who scored an impressive podium finish on his debut with the team in 2014, had initially focused his efforts on a race return with Haas for 2016 but was beaten to that seat by Romain Grosjean.

GP3 champion Esteban Ocon, previously a Mercedes junior, has also been confirmed as the team's third driver.